Yes. Most commercial landlords require tenants to carry liability insurance to protect against potential claims arising from accidents or damages. In Ontario:
• Commercial General Liability (CGL): Covers bodily injury, property damage, and legal defense costs if someone is hurt or property is damaged at your business location.
• Property Insurance: If you own any equipment or inventory, you may need coverage for theft, fire, or other risks.
• Lease Requirements: Landlords often specify minimum coverage limits in the lease. Failure to maintain proper insurance could violate your lease agreement.
Always review your lease terms and consult an insurance broker to ensure you have adequate coverage for your business space.